The price of Bitcoin was unable to maintain its position above $68,800 and has begun to decline once again. Currently, $BTC is trading below the $67,500 mark and may continue to experience downward pressure shortly.
Bitcoin is gradually slipping beneath the $68,000 and $67,500 thresholds. The cryptocurrency’s value now sits under both the $67,000 level and the 100-hour simple moving average. On the hourly chart for $BTC/USD (data sourced from Kraken), a bearish trend line has formed with resistance near $67,500. Should prices fall below key support levels at $66,000 and then $65,000, further declines are likely.
Bitcoin Experiences Additional Downward Movement
The attempt by Bitcoin to hold above the critical zone of $68,800 failed as it slipped beneath that support area. Following this breakdown,$BTC dropped below the important psychological barrier of $68,000 and continued pushing lower past the $67,000 mark.
This move pushed prices under the 50% Fibonacci retracement level calculated from an upward swing starting at a low near $60,500 up to a peak around$72,255. Bears managed to drive Bitcoin even lower past$65 ,500 resistance as well.
Additionally,a bearish trend line providing resistance around$67 ,500 remains evident on hourly charts for$BTC/USD.
Currently,$BTC trades beneath both$67 ,000andthe100-hour SMA.Ifprice stabilizesabove$65 ,000,it might tryto rebound.Immediate hurdles lie close tothe$67 ,500levelandthebearishtrendline.
The first significant obstacle on any recovery attempt appears near$68 ,000.Asuccessful breakabovethis could propelprices higher towardsresistancearound$69 ,200.Further gainsmightpushBitcoinup towardlevelsof approximately70 .5k.The next major targetsforbulls would be in therangeof72 kto72 .5k.
Could Further Declines Hit $BTC?
If Bitcoin fails again at breaking throughthe immediate resistance zonenear$68 ,00 0,it risks another legdownwards.Supportisinitially foundaround65 .5kwithmajorsupportatapproximately65 koratthe61 .8%Fib retracementfromlow60 .5 ktohigh72 .25 krange.
Belowthat,thenextfloorliesnear62 .75 k.Additional lossescoulddrivepricecloserto61 .2kinthenearterm.Themostcriticalsupportremainsat60 .,50 0belowwhichrecoverywouldbechallengingsoonafterwardsfor BTC
Technical Indicators:
– Hourly MACD: The MACD momentum is intensifying within bearish territory.
– Hourly RSI (Relative Strength Index): BTC / USD is currently positioned belowthe midpointvalueof50.& lt ; / p >
& lt ; b >- Major Support Levels: & lt ; / b >66K followedby 65K.& lt ; / p >
& lt ; b >- Major Resistance Levels: & lt ; / b >67500and68000.& lt ; / p >